Which has more room to gain, PQXV or TJAN?

From their prices on Oct 1, 2026, PQXV can gain about 2.7% before its cap and TJAN about 1.4%, so PQXV has more room left this period.

Which resets first, PQXV or TJAN?

PQXV ends its outcome period on Dec 31, 2026 and TJAN on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, PQXV or TJAN?

PQXV charges 0.50% a year and TJAN charges 0.79%, so PQXV is cheaper. Fees come from each fund's prospectus.

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PQXV vs TJAN: which one stands where?

As of Oct 1, 2026 TJAN can fall 12.8% before its buffer engages and PQXV 0.1%. PGIM S&P 500 Quarterly Buffer 15 ETF and Innovator Equity Defined Protection ETF - Jan 2027.

0.1%

PQXV can fall this far before its buffer

12.8%

TJAN can fall this far before its buffer

2.7%

PQXV can still gain

1.4%

TJAN can still gain

PQXVBetween buffer and cap

PQXV: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.8%; Between buffer and cap.

TJANAt its cap

TJAN: reference +30.1% since period start, fund +12.8%; buffer Floor; cap +15.9%; At its cap.

These are two different products. TJAN is a floor fund, which caps how far a holder can fall. PQXV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

TJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

PQXV resets first, on Dec 31, 2026, 92 days from now; TJAN runs to Dec 31, 2026, 92 days. PQXV can still gain 2.7% before its cap, TJAN 1.4%. A fall from here reaches PQXV’s buffer after 0.1% and TJAN’s after 12.8%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	PQXV	TJAN	PQXV	TJAN
3 months	+2.1%	+1.7%	−0.4 pts	−0.8 pts
6 months	not published	+5.4%	not published	−11.6 pts
1 year	not published	+5.9%	not published	−9.8 pts

PQXV and TJAN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PQXV

PGIM S&P 500 Quarterly Buffer 15 ETF · Absorbs the first 15% of loss on SPY and caps the gain at 2.8%, over a period ending Dec 31, 2026

TJAN

Innovator Equity Defined Protection ETF - Jan 2027 · Absorbs the whole loss on SPY and caps the gain at 15.9%, over a period ending Dec 31, 2026

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 15% 100%

Outcome period Oct 1, 2026 to Dec 31, 2026 Dec 31, 2024 to Dec 31, 2026

Days left 92 92

Starting cap +2.8% +15.9%

Can still gain 2.7% 1.4%

Fall before buffer 0.1% 12.8%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period 0.0% +30.1%

Fund return this period 0.0% +12.8%

State today Open At cap

Expense ratio 0.50% 0.79%

Net assets $3m $32m

PQXV and TJAN on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PQXV in plain words

From its price on Oct 1, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

TJAN in plain words

SPY had already risen past this fund's cap of +15.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 12.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 23.1% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PQXV or TJAN?: From their prices on Oct 1, 2026, PQXV can gain about 2.7% before its cap and TJAN about 1.4%, so PQXV has more room left this period.
Which resets first, PQXV or TJAN?: PQXV ends its outcome period on Dec 31, 2026 and TJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, PQXV or TJAN?: PQXV charges 0.50% a year and TJAN charges 0.79%, so PQXV is cheaper. Fees come from each fund's prospectus.

Other comparisons

PQXV vs PQXX PQXV vs QBSF PQXV vs QBSV PQXV vs SEPM TJAN vs DDTJ TJAN vs DECM TJAN vs EALT TJAN vs PQXX

SPDR S&P 500 ETF Trust →PQXV on its own →TJAN on its own →How every figure is computed →Standards and sources →

Where these figures came from

PQXV filings on SEC EDGAR ↗PGIM website ↗Innovator page for TJAN ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PQXV against TJAN, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pqxv-vs-tjan

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.